It's time for a quarterly also for Mps and Terna. The Tuscan bank closed the first nine months with an abundant return to profits, which amounted to 379 million euros, of which 91 referring only to the last quarter. In the same period of 2017, however, the accounts indicated a loss of 3 billion euros. The consensus of analysts predicted a profit of 46 million on revenues of 827 million in the third quarter alone. Revenues which, on the other hand, disappoint: they amount to 809 million, down both on the third quarter of 2017, when they amounted to 1,37 billion, benefiting from the contribution of 503 million relating to burden sharing, and on the comparison with the second quarter of 2018 (they amounted to over 832 millions). In the 9-month total, they amounted to 2,518 billion, down by almost 22% compared to the same period last year.
Net interest income and fees and commissions amounted respectively to 1,31 and 1,16 billion euro, down by 4,5% and 4,1% compared to the first 9 months of 2017. In the 9 months operating costs were equal to 1,71 billion euro, down by 9,4% compared to the previous year. The gross operating result of the group was thus equal to 803 million euros, down compared to 1,33 billion euros in the same period of the same period of 2017. As at 30 September 2018, the Sienese institute recognized net value adjustments due to impairment of financial assets measured at amortized cost and at fair value with an impact on comprehensive income for a total of 368 million euros, 4,5 billion euros lower than those recorded in the same period of the previous year.
The total funding volumes of MPS amounted to 193,3 billion, stable compared to 31 December 2017, but down by €2,6 billion compared to 30 June 2018. The cause is the decrease in direct deposits. Loans to customers increased by 0,5% compared to 30 June 2018, also thanks to the growth in mortgage disbursements. The volumes of direct deposits, which amounted to 93,9 billion euro, were down by 3,9 billion euro compared to the values at the end of December 2017 (mainly in the bond segment) and by 2,9 billion euro compared at the end of June 2018, mainly due to the decrease in current accounts, with a decrease of 1,4 billion euros, and bonds, with a decrease of 800 million euros. However, the encouraging results until early afternoon met with a cold response from the markets: the stock lost 0,6% to 1,5 euros per share.
TERNA
Quite the contrary for Terna, which around 14 pm gained almost 1% in absolute contrast with the Ftse Mib price list. The company that manages the Italian electricity grid closed the first 9 months of 2018 with growth in all economic-financial aggregates and a decrease in debt. November 19 also comes a interim dividend for 2018 which will then be detached in full in 2019: equal to 7,87 euro cents per share, in line with the growth envisaged in the 2018-2022 strategic plan. Revenues amounted to 1,62 billion euros, an increase of 3,5% (54,5 million euros) compared to the corresponding period of 2017. Net income was confirmed as well above half a billion euros, 541,5 million euros, up 2,4% (12,7 million euros), compared to 528,8 in the first 9 months of 2017.
EBITDA for the period amounted to 1,23 billion euros, up 1,9% (23 million euros) compared to 1,21 billion euros in the first 9 months of 2017, while the operating result amounted to 830 million euros, an improvement of 1,6% compared to 816,9 million euros in the corresponding period of 2017. At the end of September 2018 net financial debt stood at 7,59 billion euro, down by 204,7 million euros compared to 7,8 billion euros at December 31, 2017, mainly thanks to cash generation in the period. In the first 9 months of 2018, the total investments made by the group amounted to 561,4 million euros, up 3% compared to the 545 million euros of the corresponding period of the previous year.
